This weekend marks the first anniversary of the scariest moment in European banking of the past decade.
It was a testing time. US regional banks that frankly most Europeans had never heard of but were the size of several continental national champions were dying off as the sharp rise in interest rates exacted a heavy toll.
Abruptly, the pain spread to Europe. Credit Suisse, long hobbled by a cartoonishly long list of scandals ranging from C-suite spying to Bulgarian cocaine smuggling rings, was frogmarched into a shotgun wedding with its arch rival UBS over a tense weekend.
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